Updates
The latest news and advocacy information for industrial bankers.
Convention Focuses on the Next Frontier in Banking
This week the National Association of Industrial Bankers and the Utah Association of Financial Services announced the speaker lineup and schedule for their upcoming annual convention. This year, the convention will focus on new developments in FinTech, financial innovation, evolving demographics, and management.
A New Era of Politics
We enter this week in what is seemingly a new era of politics, altered permanently by the assassination attempt on former President and current presidential candidate Donald Trump. Amid the shock and outrage expressed across the political spectrum, we are certain that every aspect of this election landscape has shifted.
A reboot of the Golden Apple
Welcome back from the long July 4th weekend! We are delighted to announce a reboot of the Golden Apple. During each week that Congress is in session, we hope to use this newsletter to provide updates, insights, and perhaps a bit of humor, to keep you informed on the happenings in our nation’s capital.
FDIC Approves the Deposit Insurance and Merger Applications for Thrivent Bank
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a deposit insurance application submitted by Thrivent Financial for Lutherans (TFL) based in Minneapolis (through its wholly owned subsidiary Thrivent Financial Holdings), to create Thrivent Bank, a newly chartered industrial bank headquartered in Salt Lake City, Utah.
Federal Judge Enjoins Colorado Interest-Rate Statute
In a major victory that will help preserve access to credit for Colorado consumers who need it most, a federal judge has preliminarily enjoined a Colorado statute that would have imposed interest-rate and fee caps on loans made to Colorado residents by state-chartered banks located outside Colorado.
U.S. House Passes Annual National Defense Authorization Act (NDAA)
Today, the U.S. House of Representatives passed H.R. 8070 – the Servicemember Quality of Life Improvement and National Defense Authorization Act for Fiscal Year 2025 - by a vote of 217-199.
Pres. Biden, Members of Congress attend 80th Anniversary of D-Day
President Joe Biden, along with other world leaders, traveled to Normandy this week for an event commemorating the 80th anniversary of D-Day. Biden delivered a speech to World War II veterans, championing the power of NATO and drawing attention to the power of international alliances as the ongoing war in Ukraine continues.
FDIC Chair Gruenberg intends to resign
Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg has been under heavy scrutiny the last few weeks following reports of a toxic workplace culture, sexual harassment, and bullying taking place at the FDIC.
FDIC Chair Gruenberg faces the heat on Capitol Hill
Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg testified before the U.S. House and Senate this week. While the hearings were scheduled to focus on oversight of federal regulators, Gruenberg became the center of attention after a damning report about toxic workplace culture at the FDIC was published last week.
Speaker Johnson survives Rep. Greene’s attempted removal with bipartisan support
U.S. Rep. Marjorie Taylor Greene (R-Ga.) spent the last few weeks threatening to trigger a motion to vacate against U.S. House Speaker Mike Johnson (R-La.) after he worked with Democrats to pass Ukraine aid.
FAA reauthorization bill still in flux with deadline looming
This week, one of the top legislative priorities for the U.S. Congress has been passing a new five-year authorization bill for the Federal Aviation Administration (FAA). The U.S. Senate voted to open debate on the bill on Thursday, with the current authorization set to expire next Friday.
Foreign Aid Package could finally be on the way
The U.S. House plans to take up a series of foreign aid bills in a rare Saturday session that collectively are similar to the $95 billion package passed in the Senate in February.
Ukraine aid remains top priority in Washington
Congress returns from its two-week Easter recess on Monday and securing aid for Ukraine is a key legislative item for most lawmakers.
Congress closes in on final 2024 budget
The odyssey that was the 2024 budget negotiations finally appeared to reach its conclusion on Friday. The six-bill, $1.2 trillion minibus package was released in the early hours of Thursday morning.
Momentum grows for TikTok ban as legislation passes House
This week, the House passed legislation that would force ByteDance to sell TikTok to a U.S. company within 180 days or be banned from U.S. app stores. The legislation was introduced by Select Committee on China Chair Mike Gallagher (R-WI) and Ranking Member Raja Krishnamoorthi (D-IL) last week and quickly picked up steam as it overwhelmingly passed the House by a vote of 352-65-1.
On the Hill: Romney drafts pro-ILC coalition
Romney made the request to the FDIC in a letter that was also signed by Sens. Catherine Cortez Masto, Susan Collins, Kyrsten Sinema and Debbie Stabenow.
Senators ask FDIC to “follow the laws” on industrial banks
A bipartisan group of senators led by Sen. Mitt Romney (R-Utah) sent a letter to the Federal Deposit Insurance Corp. this morning urging the bank regulator to give industrial banks fair regulatory treatment, particularly among new entrants.
President Biden gives State of the Union address
President Joe Biden delivered a 66-minute State of the Union address on Thursday, tackling some of the nation’s most contentious issues while also taking aim at Republicans and former President Donald Trump.
Lawmakers push deadline, avoid government shutdown
Both chambers returned from recess this week and were immediately under pressure to resolve the budget crisis.
Congress took its President’s Day recess despite the looming budget deadline.
The Senate will be back in session on Tuesday, and the House will return Wednesday night, so both chambers are looking at a tight turnaround to pass a full-year budget or another CR ahead of Friday’s deadline.